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September 28, 2023 2023Q2 (Third Estimate) Comparisons -- Percent Change from Preceding Period in Real Gross Domestic Product and Related Measures [Percent] Seasonally adjusted at annual rates Gross domestic product (GDP) Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Addenda: Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross domestic income (GDI) Average of GDP and GDI Gross national product (GNP) Disposable personal income Current-dollar measures: GDP Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GDI Average of GDP and GDI GNP Disposable personal income Chain-type price measures: Gross domestic purchases Gross domestic purchases excluding food and energy GDP GDP excluding food and energy GDP implicit price deflator PCE PCE excluding food and energy Market-based PCE Market-based PCE excluding food and energy Source: U.S. Bureau of Economic Analysis 2023Q2 % change 2.1 0.8 0.5 -0.3 0.9 1.0 5.2 5.2 7.4 16.1 7.7 2.7 -2.2 ..................... ..................... -9.3 -16.0 6.2 -7.6 -6.5 -12.2 3.3 1.1 2.3 -0.4 4.7 Last period with equal value 2018Q2 2.1 2012Q3 0.8 1989Q1 0.5 2001Q2 -0.3 1981Q3 0.9 2012Q4 1.0 ............... ............... 1985Q2 5.2 2007Q1 7.4 1960Q4 16.1 1985Q4 7.7 2007Q2 2.7 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 2015Q1 6.2 ............... ............... 2001Q1 -6.5 ............... ............... 2006Q4 3.3 2000Q4 1.1 2019Q4 2.3 ............... ............... 1978Q3 4.7 Last period with larger value 2023Q1 2.2 2023Q1 3.8 2023Q1 5.1 2023Q1 14.0 2021Q4 2.6 2023Q1 3.1 2022Q1 6.2 2022Q1 7.2 2022Q1 10.7 2023Q1 30.3 2022Q1 16.8 2023Q1 3.8 2022Q1 -1.8 ............... ............... ............... ............... 2023Q1 6.8 2023Q1 12.0 2022Q2 13.9 2023Q1 1.3 2023Q1 1.9 2023Q1 -1.2 2023Q1 4.8 2023Q1 5.2 2022Q4 7.7 2023Q1 9.5 2019Q2 6.5 Last period with smaller value 2022Q2 -0.6 2022Q1 0.0 2022Q4 0.0 2022Q4 -1.0 2023Q1 0.5 2022Q1 0.6 2023Q1 -9.0 2023Q1 3.1 2023Q1 5.7 2022Q4 6.5 2023Q1 -4.1 2020Q2 -9.5 2023Q1 -5.3 ............... ............... ............... ............... 2020Q2 -61.5 2020Q2 -66.9 2023Q1 -3.5 2020Q2 -53.6 2022Q3 -7.3 2020Q2 -69.3 2022Q3 2.9 2022Q2 -3.9 2023Q1 1.9 2022Q2 -9.8 2023Q1 4.6 2.1 2.0 2.0 1.7 0.7 1.4 2.3 3.5 2016Q2 2011Q2 2019Q4 2018Q3 2015Q3 2023Q1 1994Q3 1997Q2 2.1 2.0 2.0 1.7 0.7 1.4 2.3 3.5 2023Q1 2022Q4 2023Q1 2023Q1 2022Q3 2022Q3 2022Q4 2023Q1 4.6 2.2 3.8 3.6 2.7 2.7 2.4 10.8 2022Q4 2023Q1 2022Q4 2022Q4 2023Q1 2022Q4 2023Q1 2022Q4 1.0 1.6 0.7 -0.2 0.5 -0.3 1.8 2.2 3.8 3.9 3.4 3.4 3.7 2.4 3.1 4.0 6.1 1991Q4 2012Q4 2001Q2 2014Q1 2011Q4 2013Q3 1958Q2 2016Q3 1996Q1 3.8 3.9 3.4 3.4 3.7 2.4 3.1 4.0 6.1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 6.3 8.8 5.3 7.7 8.0 4.5 5.4 5.8 15.5 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2022Q4 2020Q2 2020Q2 2022Q2 -29.2 -25.3 -28.4 -24.6 -30.6 0.7 -30.4 -30.1 5.7 1.4 2.1 1.7 2.3 1.7 2.5 3.7 2.3 3.7 2014Q3 2020Q1 2012Q2 2016Q2 2018Q4 2005Q2 1989Q4 2010Q4 1990Q4 1.4 2.1 1.7 2.3 1.7 2.5 3.7 2.3 3.7 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 3.6 4.1 3.9 4.6 3.9 4.2 5.0 3.9 4.8 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q4 2021Q1 2020Q4 2021Q1 -1.1 -0.3 -1.4 -0.6 -1.6 2.0 3.6 1.4 2.5 September 28, 2023 2023Q2 (Third Estimate) Comparisons -- Contributions to Percent Change in Real Gross Domestic Product 2023Q2 contribution Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Source: U.S. Bureau of Economic Analysis Last period with equal value 2.1 2018Q2 0.55 0.11 -0.03 0.14 0.44 0.90 0.90 0.98 0.46 0.38 0.15 -0.09 0.00 0.04 -1.09 -1.31 0.22 1.13 0.78 0.35 0.57 0.07 0.08 -0.01 0.50 2012Q3 ............... 2001Q2 1986Q3 2017Q2 ............... ............... ............... 2014Q1 1971Q1 2008Q2 2022Q1 1968Q1 ............... ............... ............... 2016Q3 1982Q1 ............... 1975Q2 2002Q2 2022Q3 2009Q1 2012Q4 1978Q3 Last period with larger value 2.1 2023Q1 0.55 ............... -0.03 0.14 0.44 ............... ............... ............... 0.46 0.38 0.15 -0.09 0.00 ............... ............... ............... 0.22 1.13 ............... 0.35 0.57 0.07 0.08 -0.01 0.50 2023Q1 2023Q1 2023Q1 2021Q4 2023Q1 2022Q1 2022Q1 2022Q1 2023Q1 2022Q1 2023Q1 2021Q4 2022Q4 2023Q1 2023Q1 2023Q1 2022Q2 2020Q2 2022Q3 2020Q2 2023Q1 2023Q1 2022Q4 2023Q1 2019Q2 Last period with smaller value 2.2 2022Q2 2.54 1.14 1.07 0.38 1.40 1.16 1.23 1.32 0.77 0.77 0.20 -0.02 1.61 0.58 0.76 0.89 0.46 9.78 0.98 2.71 0.82 0.33 0.27 0.26 0.70 2022Q1 2022Q4 2022Q4 2023Q1 2022Q1 2023Q1 2023Q1 2023Q1 2022Q4 2023Q1 2020Q2 2023Q1 2023Q1 2022Q1 2020Q2 2020Q2 2023Q1 2023Q1 2023Q1 2023Q1 2022Q3 2022Q2 2023Q1 2022Q2 2023Q1 -0.6 -0.03 -0.01 -0.08 0.07 0.27 -1.69 0.53 0.76 0.17 -0.21 -0.49 -0.22 -2.22 -2.59 -8.78 -6.58 -0.13 -0.18 -0.22 0.04 0.49 -0.26 0.07 -0.29 0.49 September 28, 2023 2023Q2 (Revised Estimate) Comparisons -- Corporate Profits: Level Change and Percent Change 2023Q2 change Last period with equal value Dollar change from preceding quarter Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Bureau of Economic Analysis Last period with larger value Last period with smaller value 2022Q3 2022Q3 2023Q1 2023Q1 2022Q3 39.3 42.0 59.2 31.0 202.2 2023Q1 2023Q1 2022Q4 2022Q4 2023Q1 -83.3 -111.5 -159.8 -163.4 8.5 0.2 0.5 0.4 0.8 1.0 2022Q3 2022Q3 2023Q1 2023Q1 2022Q3 1.2 1.5 1.7 1.1 6.8 2023Q1 2023Q1 2022Q4 2022Q4 2023Q1 -2.6 -4.1 -4.5 -5.4 0.3 -2.7 -4.1 -6.0 -7.8 8.5 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 4.6 3.6 0.5 -1.0 14.6 2020Q2 2020Q2 2020Q2 2020Q2 2022Q2 -15.7 -16.9 -10.1 -10.5 3.5 6.9 ............... ............... 13.2 ............... ............... 15.5 ............... ............... 21.8 ............... ............... 32.3 ............... ............... Percent change from preceding quarter (quarterly rates) 0.2 2008Q3 0.5 1999Q4 0.4 1998Q3 0.8 2011Q3 1.0 2019Q4 Percent change from quarter one year ago -2.7 -4.1 -6.0 -7.8 8.5 1956Q4 1979Q4 1981Q1 2008Q2 1983Q2